Denver Metro Market Recap August 2022

Denver Metro Market Recap August 2022

Highlights

  • An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year.
  • Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market.
  • Average days on the market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year.

Inside the Numbers

  • 4,221 HOMES CLOSED

Sales Price Breakdown

 
The average close price dropped 4.5% ($31k) as homes closed under list price on average for the first time since July 2020.
 
  • 5,170 NEW LISTINGS

New Listings V. Closed Sales

 
The gap between new listings & closed sales was half what we saw in July as a seasonal inventory decrease meant fewer homes to market.
 
  • 4,836 HOMES UNDER CONTRACT

Days on Market by Segment

 
Buyers were more selective & patient as inventory stayed low & interest rates high, pushing days on the market from 13 to 19 days on average overall.
 
  • 12,531 TOTAL HOMES AVAILABLE

Inventory Movement

 
While new listings were down 18.5% from last month, overall available homes (new listings + active listings at month start) were up slightly.
 
Data source: DMAR Real Estate Market Trends Report
 
The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

Work With Nick

My passion for real estate is best expressed through the great people I get to meet everyday. I would love for the chance to get to meet you, hear your story, and see how I can help you achieve your real estate goals.

Follow Nick on Instagram